Valneva slumps after Lyme disease vaccine's late-stage trial misses target

Shares in Valneva VLS.PA slump 29% before being automatically halted from trading, after the French drugmaker and U.S. peer Pfizer PFE.N missed a pre-determined statistical criterion in a late-stage trial of a key experimental vaccine

The Lyme disease vaccine, called PF-07307405, missed the primary goal in the first analysis due to fewer-than-anticipated Lyme cases being accrued in the trial leaving a small number of data points

A second planned analysis met the bar, adding to Pfizer's confidence "in the vaccine's potential", the companies say

Valneva shares are on track for their biggest daily drop since late August if the losses hold